India's DNS Bank signs for Oracle Flexcube

Source: Oracle

Dombivli Nagari Sahakari Bank Ltd. (DNS Bank), one of the leading scheduled urban cooperative banks in India, has chosen Oracle Flexcube Universal Banking to transform its banking operations.

The deal was finalized in May, 2014, and DNS Bank expects to go live with a state-of-the-art system in 2015. With 42 branches spread across 13 districts of Maharashtra and a business mix of Rs 5,500 crore, DNS Bank has a plan to grow to more than Rs 15,000 crore with more than 100 branches by 2019.

By implementing a new-generation core banking solution based on Oracle FLEXCUBE, DNS Bank plans to optimize its operational efficiency, profitability, and growth. With Oracle FLEXCUBE, DNS Bank hopes to provide superior customer experience, faster delivery of new and agile products and services and secure, feature-rich banking channels such as mobile and internet banking. Oracle FLEXCUBE will provide DNS Bank with the ability to improve business intelligence and decision support, provide better cross-sell and up-sell opportunities and reduce operating costs with ease of IT management.

"We congratulate DNS Bank in taking this step ahead toward a greater customer centricity through technology. We are excited to work with the bank and to showcase Oracle FLEXCUBE's capability to address the cooperative bank sector. With more than 500 institutions using Oracle FLEXCUBE across the world, we have proven our capability to meet the benchmarks of different banking segments, showcasing true flexibility and ability to execute successful transformations," said Chet Kamat, senior vice president, Oracle Financial Services.

DNS Bank is the first cooperative bank in India to implement Oracle FLEXCUBE, replacing the bank's existing legacy system. By taking advantage of FLEXCUBE's module-based system , transaction-processing capabilities and process framework, DNS Bank will have the ability to standardize its operations, create a robust service-oriented architecture and to process a large number of transactions with high availability.

"DNS Bank believes that with technology, we can offer differentiated and customized services to our customers. Changing our core system to a modern core banking system such as Oracle FLEXCUBE is a huge step ahead in our evolution. We are pleased with the functionality that Oracle FLEXCUBE delivers, its modern architecture, and its adaptability to the requirements of a cooperative business model such as ours," said Uday Karve, chairman, DNS Bank. 

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 26 March, 2015, 09:50Be the first to give this comment the thumbs up 0 likes

"DNS Bank is the first cooperative bank in India to implement Oracle FLEXCUBE, replacing the bank's existing legacy system." I never thought any coop bank in India had a legacy system - unless Excel has now gained this distinction!